# Yealink Network Technology (300628.SHE)

Canonical: https://gigainvestors.com/s/300628.SHE

Analysis as of: 2026-10-16T07:36:42.776Z. Financial observations: FY2012–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 38.04 per share; close as of 2026-10-15.

Estimated value: low CNY 37.33 per share, central CNY 52.67 per share, high CNY 61.23 per share. Buy at or below the central value CNY 52.67 per share. Valuation as of 2026-10-16T07:36:42.776Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.49×

- FY2017: 0.47×

- FY2018: 0.52×

- FY2019: 0.55×

- FY2020: 0.51×

- FY2021: 0.48×

- FY2022: 0.49×

- FY2023: 0.50×

- FY2024: 0.51×

- FY2025: 0.47×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 75.4%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 64.1%

- Recent gross margin (lower of latest and 3-year median): 65.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: 95.2%

- FY2022: 92.3%

- FY2023: 75.4%

- FY2024: 96.4%

- FY2025: 73.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 10B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 69.6%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 6.9 pp

- Working capital / revenue, final three-year average: 26.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.88×

- FY2022: 0.78×

- FY2023: 0.94×

- FY2024: 1.00×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 162.0% vs 75.4%

- Per-share earnings: 0.46 to 2.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: CNY -38B

- Cumulative retained earnings: CNY 5.5B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.6%

- Per-share value change: CNY 1.59

- Per-share value, starting three-year median: CNY 0.46

- Per-share value, ending three-year median: CNY 2.05

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 0.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 279M

- Cumulative net income, 10 years: CNY 15B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 75.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.46

- FY2017: CNY 0.94

- FY2018: CNY 0.69

- FY2019: CNY 0.98

- FY2020: CNY 1.02

- FY2021: CNY 1.27

- FY2022: CNY 1.72

- FY2023: CNY 1.59

- FY2024: CNY 2.09

- FY2025: CNY 2.05

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 7.2%

- Receivables to sales index (DSRI): 1.55×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 9.0%

- FY2017: 2.5%

- FY2018: 4.5%

- FY2019: 3.0%

- FY2020: 2.6%

- FY2021: 7.2%

- FY2022: 0.6%

- FY2023: 2.3%

- FY2024: 1.4%

- FY2025: 7.2%

## Holders

## Price story

Down 53% since Dec 2021 · sales +7.3%

Story as of 2026-10-16T10:00:07.933Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

### Sales · FY2024–2025

sales +7.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 924M 

- FY2017: CNY 1.4B 

- FY2018: CNY 1.8B 

- FY2019: CNY 2.5B 

- FY2020: CNY 2.8B 

- FY2021: CNY 3.7B 

- FY2022: CNY 4.8B 

- FY2023: CNY 4.3B 

- FY2024: CNY 5.6B 

- FY2025: CNY 6.0B 

### Gross margin · FY2024

gross margin 65.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 63.1% 

- FY2017: 62.0% 

- FY2018: 61.7% 

- FY2019: 65.9% 

- FY2020: 65.9% 

- FY2021: 61.3% 

- FY2022: 63.0% 

- FY2023: 65.7% 

- FY2024: 65.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are CNY 6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2025: revenue 6033176000; grossProfit 6033176000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300628.SHE: Yealink Network Technology Co., Ltd., together with its subsidiaries, provides video conferencing, voice communications, and collaboration solutions in Europe, the Americas, and internationally. The company offers Microsoft and Zoom device products comprising Teams rooms systems, Zoom rooms systems, USB cameras and BYOD kits, space IOT devices, room audio devices, room system accessories, room mount kits and cables, teams phones, and zoom phones; headset products consisting of Bluetooth and DECT wireless headsets, wired headsets, speakerphones, headset accessories, and headset selectors; IP phone products, such as team phones, zoom phones, conference phones, DECT phones, Wi-Fi IP phones, 4G phones, and phone accessories; management platforms comprising device management platforms, management cloud services, and USB connect management services; and EoS and EoL products. It also provides finance, education, healthcare, and manufacturing solutions; future workers, headset and handset, personal collaboration, and desktop video solutions; Microsoft Teams room and phone, AV ONE, SkySound audio, and BYOD solutions; small, medium, large, and extra-large room solutions; Zoom rooms, phone, and meetings solutions; RingCentral, 3CX, Extron, Broadsoft, Metaswitch, and BlueJeans solutions; and home support, pre-sale, after-sale, and Yealink Academy services. In addition, the company engages in software development and information system integration services; technology promotion and application services; and the sale of unified communication terminals. Yealink Network Technology Co., Ltd. was incorporated in 2001 and is based in Xiamen, China.

### Why customers stay

Margins ranged from 65.2% to 100% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2023: grossProfit / revenue = 65.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2024: grossProfit / revenue = 65.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); 10-year return on capital observations [[2016,1.620115142685198],[2017,1.5683957563452642],[2018,1.848049510422073],[2019,1.6340553172062915],[2020,1.3724334200867747],[2021,0.9519989357749641],[2022,0.9226818982124109],[2023,0.754133457181332],[2024,0.963803735954104],[2025,0.7377024512309409]]; median 1.1681185780204393. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2016: growth capex 12641054.815076161; upkeep 9544832.184923839; owner earnings 427279372.8150762. Growth capex / owner earnings = 0.029584987292487742.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2017: growth capex 25791279.992901403; upkeep 25851199.007098597; owner earnings 571291958.9929014. Growth capex / owner earnings = 0.045145533009719595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2018: growth capex 3406909; upkeep 16950243; owner earnings 851477084. Growth capex / owner earnings = 0.004001175209549151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2019: growth capex 41046407.02980444; upkeep 233594710.97019556; owner earnings 1021280802.0298045. Growth capex / owner earnings = 0.040191108016741674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2020: growth capex 17021478.415332258; upkeep 131413638.98466775; owner earnings 1175682676.0153322. Growth capex / owner earnings = 0.01447795290564465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2021: growth capex 75333816.7460016; upkeep 221223860.4539984; owner earnings 1426644654.4220016. Growth capex / owner earnings = 0.052804891892664574.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2022: growth capex 123675101.84099263; upkeep 534213273.1590074; owner earnings 1697722739.7389927. Growth capex / owner earnings = 0.07284764405052759.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2023: growth capex 0; upkeep 188234848; owner earnings 1885137561.676. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2024: growth capex 63498417; upkeep 76618919; owner earnings 2646605790.662. Growth capex / owner earnings = 0.023992397063454254.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); FY2025: growth capex 0; upkeep 52960102.89; owner earnings 2622648588.97. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); Dividend observations: [[2016,70000000],[2017,134406000],[2018,238944000],[2019,359443200],[2020,539452800],[2021,586940601],[2022,721849128],[2023,1803340392],[2024,1893690960],[2025,2274564180]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300628.SHE SharesStats.PercentInsiders = 69.321 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years; actual growth was 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:42.776Z); Ten-year compound average after fade. Initial solved rate 0.03191898501854046. Price 38.04; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.25497814841189426 → FY2025 2.071811073828682. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2017-03: CNY 331.20 per share

- 2017-04: CNY 354.52 per share

- 2017-05: CNY 294.90 per share

- 2017-06: CNY 303.96 per share

- 2017-07: CNY 277.35 per share

- 2017-08: CNY 291.69 per share

- 2017-09: CNY 153.84 per share

- 2017-10: CNY 147.25 per share

- 2017-11: CNY 134.49 per share

- 2017-12: CNY 133.30 per share

- 2018-01: CNY 113.66 per share

- 2018-02: CNY 115.70 per share

- 2018-03: CNY 127.43 per share

- 2018-04: CNY 143.18 per share

- 2018-05: CNY 67.12 per share

- 2018-06: CNY 65.91 per share

- 2018-07: CNY 64.65 per share

- 2018-08: CNY 60.40 per share

- 2018-09: CNY 61.07 per share

- 2018-10: CNY 67.00 per share

- 2018-11: CNY 67.94 per share

- 2018-12: CNY 77.66 per share

- 2019-01: CNY 76.87 per share

- 2019-02: CNY 88.98 per share

- 2019-03: CNY 97.50 per share

- 2019-04: CNY 108.39 per share

- 2019-05: CNY 89.15 per share

- 2019-06: CNY 107.07 per share

- 2019-07: CNY 59.99 per share

- 2019-08: CNY 62.10 per share

- 2019-09: CNY 60.69 per share

- 2019-10: CNY 72.47 per share

- 2019-11: CNY 69.13 per share

- 2019-12: CNY 72.41 per share

- 2020-01: CNY 82.08 per share

- 2020-02: CNY 104.29 per share

- 2020-03: CNY 81.57 per share

- 2020-04: CNY 90.53 per share

- 2020-05: CNY 90.00 per share

- 2020-06: CNY 68.26 per share

- 2020-07: CNY 62.93 per share

- 2020-08: CNY 56.35 per share

- 2020-09: CNY 60.31 per share

- 2020-10: CNY 60.46 per share

- 2020-11: CNY 68.89 per share

- 2020-12: CNY 73.12 per share

- 2021-01: CNY 80.24 per share

- 2021-02: CNY 75.73 per share

- 2021-03: CNY 68.17 per share

- 2021-04: CNY 70.01 per share

- 2021-05: CNY 76.61 per share

- 2021-06: CNY 83.80 per share

- 2021-07: CNY 92.07 per share

- 2021-08: CNY 86.00 per share

- 2021-09: CNY 81.25 per share

- 2021-10: CNY 75.73 per share

- 2021-11: CNY 77.43 per share

- 2021-12: CNY 81.45 per share

- 2022-01: CNY 78.30 per share

- 2022-02: CNY 76.42 per share

- 2022-03: CNY 77.75 per share

- 2022-04: CNY 77.58 per share

- 2022-05: CNY 73.94 per share

- 2022-06: CNY 76.15 per share

- 2022-07: CNY 75.91 per share

- 2022-08: CNY 71.48 per share

- 2022-09: CNY 63.00 per share

- 2022-10: CNY 68.88 per share

- 2022-11: CNY 63.64 per share

- 2022-12: CNY 60.59 per share

- 2023-01: CNY 61.18 per share

- 2023-02: CNY 66.65 per share

- 2023-03: CNY 76.01 per share

- 2023-04: CNY 65.93 per share

- 2023-05: CNY 53.00 per share

- 2023-06: CNY 35.07 per share

- 2023-07: CNY 37.63 per share

- 2023-08: CNY 37.02 per share

- 2023-09: CNY 35.64 per share

- 2023-10: CNY 33.35 per share

- 2023-11: CNY 32.18 per share

- 2023-12: CNY 29.55 per share

- 2024-01: CNY 24.37 per share

- 2024-02: CNY 29.34 per share

- 2024-03: CNY 25.84 per share

- 2024-04: CNY 35.34 per share

- 2024-05: CNY 37.09 per share

- 2024-06: CNY 36.77 per share

- 2024-07: CNY 33.67 per share

- 2024-08: CNY 32.97 per share

- 2024-09: CNY 42.28 per share

- 2024-10: CNY 38.90 per share

- 2024-11: CNY 37.91 per share

- 2024-12: CNY 38.60 per share

- 2025-01: CNY 41.09 per share

- 2025-02: CNY 39.40 per share

- 2025-03: CNY 40.83 per share

- 2025-04: CNY 33.19 per share

- 2025-05: CNY 33.74 per share

- 2025-06: CNY 34.76 per share

- 2025-07: CNY 33.55 per share

- 2025-08: CNY 37.79 per share

- 2025-09: CNY 37.00 per share

- 2025-10: CNY 36.00 per share

- 2025-11: CNY 33.76 per share

- 2025-12: CNY 35.65 per share

- 2026-01: CNY 38.37 per share

- 2026-02: CNY 37.58 per share

- 2026-03: CNY 32.74 per share

- 2026-04: CNY 36.53 per share

- 2026-05: CNY 36.15 per share

- 2026-06: CNY 33.82 per share

- 2026-07: CNY 38.90 per share

- 2026-08: CNY 41.40 per share

- 2026-09: CNY 39.49 per share

- 2026-10: CNY 38.24 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 3.85 per share, central CNY 4.30 per share, high CNY 4.90 per share

- FY2017: low CNY 12.70 per share, central CNY 13.91 per share, high CNY 15.52 per share

- FY2018: low CNY 9.05 per share, central CNY 9.96 per share, high CNY 11.17 per share

- FY2019: low CNY 11.81 per share, central CNY 13.04 per share, high CNY 14.67 per share

- FY2020: low CNY 13.57 per share, central CNY 14.98 per share, high CNY 16.85 per share

- FY2021: low CNY 16.66 per share, central CNY 18.46 per share, high CNY 20.86 per share

- FY2022: low CNY 25.51 per share, central CNY 34.60 per share, high CNY 39.89 per share

- FY2023: low CNY 24.75 per share, central CNY 34.15 per share, high CNY 39.40 per share

- FY2024: low CNY 32.36 per share, central CNY 44.99 per share, high CNY 52.04 per share

- FY2025: low CNY 34.50 per share, central CNY 48.27 per share, high CNY 55.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.